Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2025

The following is a reconciliation of basic and diluted earnings (loss) per common share (in thousands, except share and per-share data):


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) attributable to common shareholders	$	7,424	$	20,304	$	(36,154)	$	(18,677)
Less: Dividends paid on unvested share-based compensation	(8)		(10)		(17)		(19)
Less: Undistributed earnings attributable to share-based compensation	(45)		(147)		—		—
Net income (loss) available to common shareholders — basic	$	7,371	$	20,147	$	(36,171)	$	(18,696)

Plus: Interest expense on convertible notes	—		3,281		—		—
Net income (loss) available to common shareholders — diluted	$	7,371	$	23,428	$	(36,171)	$	(18,696)

Denominator:
Weighted-average number of common shares — basic	118,172,417		120,094,380		118,685,483		120,089,803
Effect of dilutive share-based compensation	211,029		209,309		—		—
Effect of dilutive convertible notes	—		29,441,175		—		—
Weighted-average number of common shares — diluted	118,383,446		149,744,864		118,685,483		120,089,803

Net income (loss) per share available to common shareholders — basic	$	0.06	$	0.17	$	(0.30)	$	(0.16)
Net income (loss) per share available to common shareholders — diluted	$	0.06	$	0.16	$	(0.30)	$	(0.16)

For the three and six months ended June 30, 2025, 998,501 and 1,390,978, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive. For the three and six months ended June 30, 2024, 617,561 and 1,217,668, respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average number of common shares, as their effect would have been anti-dilutive.

For the three and six months ended June 30, 2025, 29,441,175 of common shares underlying the Convertible Notes were excluded from diluted shares as their effect would have been anti-dilutive. For the three and six months ended June 30, 2024, zero and 29,441,175, respectively, of common shares underlying the Convertible Notes were excluded from diluted shares as their effect would have been anti-dilutive.

The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders.